China news site worth more than New York Times

Shares of People.cn, soared 74% in their debut on the Shanghai Stock Exchange.

NEW YORK (CNNMoney) -- Propaganda doesn't pay? Actually it's pretty lucrative ... at least if you're a media outlet backed by the Chinese government .

People.cn, the online arm of People's Daily, the official newspaper of the Chinese Communist Party that is highly censored, went public on the Shanghai Stock Exchange (SHCOMP) on Friday. Shares surged 74% and the company is now worth 9.6 billion yuan, or $1.5 billion.